Saving Social Security

Description: The Social Security program is approaching a moment of truth. In 2033, the Social Security Trust Funds will likely be depleted. At that time, if nothing changes, it is estimated that benefits will have to be cut by an average of 19% if outlays are to be roughly equal to revenues. Some change in revenues and outlays will have to be implemented to stave of these significant benefit cuts. There are a wide variety of policy solutions available. The primary difference between many of the options is where the burden falls. Does it fall on the shoulders of lower income households - those who are the primary target of the program - or on higher income households. Technically, solving this problem is not difficult. The politics, however, are extremely complicated.